Mining firms set up oil, gas waste processing JV

Four state-controlled mining companies including coal miner PT Bukit Asam Tbk (PTBA), tin miner PT Timah Tbk, aluminum company PT Indonesia Asahan Aluminium (Inalum), and mining firm PT Aneka Tambang Tbk (Antam) have set up a joint venture company called PT Panca Mitra Limbah Indonesia (PMLI), which is engaged in the processing of waste resulting from upstream oil and gas activities.

PTBA said in a statement on Thursday the company through subsidiary PT Bukit Multi Investama owns a 25 percent stake in PMLI. Timah through subsidiary PT Timah Investasi Mineral owns 25 percent interest, Inalum directly owns 25 percent interest, and Antam through subsidiary PT Antam Resourcindo also owns 25 percent interest.

The setting up of the joint venture was made following a MoU signed by the Office of State Ministry of State Owned Enterprises and upstream oil and gas authority SKK Migas on March 13, 2017 for a consortium of state-owned enterprises to set up a reliable oil and gas waste processing company, the statement said.

Editing by Reiner Simanjuntak